TOPEKA, Kan. — NCBA recently signed onto an industry-led letter to U.S. House and Senate leadership to strongly oppose a proposal that would require providers of financial services to track and submit to the Internal Revenue Service (IRS) information on the inflows and outflows of every account above a de minimis threshold of $600 during the year. A proposal of this nature is a prime example of government overreach.
Although intended to help the IRS target wealthy tax dodgers, the coalition pointed out in their letter to congressional leaders that the “unintended consequence is the overly broad proposal will directly impact almost every American and small business with an account at a financial institution.” The coalition also stressed the proposal would create serious financial privacy concerns, increase tax preparation costs for individuals and small businesses, and create significant operational challenges for financial institutions.
“We believe that this program is costly for all parties, not fit for purpose and loaded with the potential for unintended and serious negative consequences,” the letter stated. “As associations representing a broad cross-section of financial and business interests, we urge you to oppose any efforts to institute this new reporting regime.”
To read the full letter, click here.
NCBA also joined the Agricultural Transportation Working Group in sending comments to the Department of Transportation on supply chain issues specific to the transportation needs within the agricultural hauling community. The letter specifically highlighted the need for increased truck weights, modernization of covered farm vehicle qualifications under the seasonal ag CDL program and the importance of reliable access to labor in the trucking space.
— Kansas Livestock Association